CDL triples first-half profit to $300m on strong residential property performance

City Developments Limited (CDL) more than tripled its net profit for the first half of 2026, reaching $301.6 million, compared to $91.2 million in the same period last year. The strong performance can be attributed to the completion of an executive condominium and high demand for residential properties. One major contributor was Lumina Grand, a 512-unit condominium in Bukit Batok, which obtained its temporary occupation permit in April, allowing CDL to recognize revenue and profit fully under executive condominium accounting rules.

Additionally, Newport Residences, a 246-unit luxury development in Anson Road, experienced strong take-up, with 83% of the units sold since its launch in January. CDL's other projects, including The Myst and Norwood Grand, as well as joint venture developments, also played a role in the strong performance. Net revenue for the six months ended June 30, 2026, increased by 61.1% year-on-year to $2.72 billion, with the property development segment surging 166.8% during the same period.

CDL added approximately 900 units to its future residential pipeline by acquiring two government land sale sites, one in Tanjong Rhu Road with plans for 515 homes and another in Peck Hay Road for 380 units. In terms of hotel performance, CDL's business returned to profitability, posting a pre-tax profit of $42 million, up from a loss of $84.4 million a year earlier.

The improvement was driven by higher revenue and a net foreign-exchange gain due to the Singapore dollar's appreciation, with hotel revenue growing 6.4% and revenue per available room rising 4.9% to $161.90. However, CDL's investment properties division faced challenges due to lower gains from asset sales and the loss of income from properties divested in 2025.